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Why do New York and New Jersey residents get a home loan pre-approval instead of an approval?

April 26, 2017Approval home loan NEW JERSEY new york pre-approval residents

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Why do New York and New Jersey residents get a home loan pre-approval instead of an approval?

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State law does not allow us to issue a home loan “approval” until any required loan information which is beyond the borrower’s control has been reviewed. One example of the type of information needed prior to issuing home loan approval in New York and New Jersey is an appraisal. Therefore, customers in these states receive a “pre-approval,” until all such home loan information has been reviewed. Please contact us for additional information.